The new sovereignty of wealth

5th July 2012

Too Big to Fail? Too Big to Care? Or Are We Living in Different Worlds?

In London, the scandal over the manipulation of the Libor rate, the interest banks charge for borrowing from each other, has forced the resignation, first, of Barclays' chairman and now, its CEO. Moreover, The Daily Mail, reported: "Since January 2011, Barclays has been found guilty of ripping off the elderly, avoiding up to £500million in tax, manipulating interest rates, mis-selling payment protection insurance and systematically exploiting small firms with the sale of complex loans."